Each client has a unique financial position when applying for a mortgage loan. Recently MortgageDepot, Mortgage Loan officer Orlando Jarrin encountered a common mistake that some homeowners face when applying for a loan. The client who currently owns five other residential properties was attempting to obtain the sixth property and to arrange to buy that property via refinancing.
By buying and refinancing the mortgage loan simultaneously, there were inherent challenges in the process. Disclosure is at the top of the list of items that must be addressed adequately when applying for a mortgage loan. The self-employed client’s initial mortgage application to refinance and to acquire a new residential property was denied due to a financial miscalculation. What was a simple clerical error, could have prevented the buyer from buying the investment property.
With the expert assistance of Mortgage Loan officer Orlando Jarrin, the error was addressed and corrected. What may have seemed like a minor error was preventing the client from achieving the goal of securing a refinance mortgage loan? Yes, even a “small” wrong calculation at any point in the process of applying for a mortgage loan can cause that loan to be rejected by the lender.
By addressing this issue and correcting it, the client qualified for a traditional FHA conventional mortgage loan of 850 thousand dollars to purchase the new investment property. What was a complex refinancing to buy transaction, was simplified and solved. If you’re considering purchasing an investment property, don’t hesitate to contact MortgageDepot today 800-535-0270 or visit us online at MortgageDepot.com